A self-storage facility in Reynoldsburg, Ohio, recently sold for $3.18 million to Texas-based VSI IV Reynoldsburg LLC. The seller was Browning Investments Inc., an Indiana-based real estate company. It will be managed by Uncle Bobs Management LLC.
The facility, 7304 Tussing Road, was developed in 1992. The 8.3-acre property consists of five storage buildings, one office building and a mini warehouse. It has 494 units and is currently about 81 percent occupied. Deferred maintenance reduced the initial asking price, which was $3.5 million.
David Kohn, Marc Boorstein and Jeffrey Jacobson of MJ Partners Inc. represented the seller, while there was no buyer's broker involved.
Owned by self-storage real estate investment trust Sovran Self Storage Inc., Uncle Bob's owns or manages more than 430 facilities in 25 states.
Sources:
- CoStar Group: Reynoldsburg Self-Storage Units Sell for $3.2M